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Sensex (65786) / Nifty (19497)

Tracking the sluggish sentiments across the board, the Nifty benchmark index opened on a flat note, but prices quickly began to rise, surpassing the previous all-time high set on Tuesday. Although there was a period of consolidation afterward, another round of buying in the final hour of trading pushed Nifty to close just below 19500, achieving another half-a percent gains.

Following two underwhelming days, the market momentum regained strength, resulting in a decent upward movement after the opening. The overall trend in the market remains positive, with prices defying expectations and continuing to rise, despite some weakness in global markets and overbought indicators. The current upward trend has now extended for eight consecutive sessions. As we move forward, it is advisable to enjoy this run without becoming complacent and to focus on risk management. Buying on intraday dips and using upside levels to secure profits is considered an ideal strategy. Immediate support levels are expected to be around 19420 – 19300, while a strong support base is observed at the 19200 – 19000 zone. On the other hand, the next resistance level in uncharted territory is anticipated to be around 19650 – 19700.

Nifty Bank Outlook (45340)

The proceeding for the weekly expiry session wasn't so encouraging but fresh buying emerged right from the start to gradually inch higher towards 45400. With no major intraday dip, the banking index concluded the day in green with the gains of four tenth of a percent.

The breakout in BankNifty certainly boosted the momentum in the market and helped the benchmark index to hit fresh record high every next day. It's been the third straight session, wherein the BankNifty has been rebounding from the 45000-45100 odd zone and this is clearly signaling that Bulls are not at all ready to give up. Technically speaking, we don’t see any sign of caution for now but considering the spectacular run off late, some consolidation is very much on the cards. Hence, those traders with longs should take some money off the table at higher levels and should also avoid aggressive bets for a while. Levels wise, 44800-45000 remains an immediate demand zone and on the flip side 45500-45750-46000 should be treated as immediate hurdles.

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